Filing Bankruptcy Without Your Spouse
I have many married couples ask me if one spouse can file bankruptcy without it affecting the other. The answer always depends on their personal situation. Many people have the mistaken impression that because they are married, their spouse is automatically responsible for their debts. This is not the case. The good news is, in…
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Is Corporate Bankruptcy the Best Choice for Your Ontario Business?
Filing for bankruptcy is never an easy decision. There are many important things to consider and whatever decision you make, you’ll have to live with both positive and negative consequences. How is Corporate Bankruptcy Different than Personal Bankruptcy? If your business is incorporated, then legally the business is a separate entity and its assets are…
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Three Ways To Consolidate Debt
Consolidating debt is a great way to help eliminate it. With debt consolidation, you combine your debts or take out a loan and pay them off, leaving you with one monthly payment. This not only helps you save money on interest and pay off your debts faster, but only making one payment a month can…
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Debt After Divorce
Managing debt after divorce can be overwhelming for many people. Take solace in knowing that you’re not alone. In fact, almost one in five insolvencies (which include bankruptcies or consumer proposals) in Canada involve someone who has had a marital or relationship break-up. And it’s completely understandable as to why. Below we’ve listed the top…
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What are the differences between a bankruptcy and a consumer proposal?
Although both options relieve a debtor of financial stress and allows debtors the chance to get a financial fresh start, there are many differences between bankruptcies and consumer proposals in Ontario. That’s why we review all options with debtors when they meet with us because filing bankruptcy might be the best option for one person,…
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Pay For College Without Going Into Debt
It’s no secret that college isn’t cheap — and the price of education is continuing to increase year after year. But paying for college doesn’t have to break the bank or put you deep into debt. Student loans can be a great way for students to get help paying for school, but they don’t always cover…
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Who do we help?
There is no clear pattern for how people find themselves in financial difficulty. It can happen suddenly through injury or illness, separation or divorce, or it can be due to not knowing how to manage your finances effectively. Whatever the reason, the important thing now is to find out what options are available to you…
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Can’t afford to pay CRA debt?
It’s common this time of year to have people meet with me to discuss options their government debt. It can be a huge shock to people when they get their income tax done and are given the unexpected news that they owe CRA. When someone is expecting to receive a return and are then told…
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How are rising interest rates affecting Canadians?
Since the Bank of Canada raised interest rates in July, it was only a matter of time for this to start impacting debt in Canadian households. A recent article published by Global News stated, “over 30 percent of Canadians say they’re concerned that rising interest rates could push them close to bankruptcy”. If your household budget…
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How will bankruptcy affect your spouse?
When you’re struggling with debt, there are a variety of options you can consider. In some instances, filing for bankruptcy is the best choice; although, it should always be the last resort. If you are insolvent, you may be contemplating this strategy. One important detail to keep in mind, if you’re married, is how filing…
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